Thailand : Trade Balance, Exports and Imports (2022, published 2023)

Historically, maybe a bit surprising for some, Thailand had a negative trade balance with the rest of the world, for most of the time. If a positive trade balance is present, it remained relatively small (see period between 2001-2014)

If not for crude oil imports, the trade balance would be positive most of the time. This applies to some other countries as well.

Below, notice the striking trade deficits in the 1995-2000 period, around the 1997 Asian economic crisis, which started off in Thailand. I remember reading at the time that the country was importing a lot of 'capital goods', which reportedly was a good thing. Obviously too much of a good thing, turned out to be bad..

From 2015 onwards, Thailand has had a positive trade balance with the 'World', though certainly not with all countries (see below)

Trade Balance Thailand-Rest of the World 1991-2021

In 2019, total trade decreased. Value of mports decreased from the previous year to 236.26 billion U.S. Dollar, while the value of exports decreased from the previous year to 246.27 billion U.S. Dollar. This was a year with trade tensions between U.S. and China, which had complicated effects on trade around the world. While total trade decreased in 2019, the positive trade balance increased to 10.01 billion U.S Dollar.

2020 was the first year of the Covid-19 pandemic. Like most other countries, Thailand suffered an effect on both imports and exports. Imports decreased to 206.99 billion U.S. Dollar (-12.4 %), exports decreased to 231.47 billion U.S. Dollar (-6.0 %). Total trade decreased to 438.46 billion U.S. Dollar (-9.1 %), while the trade balance actually saw the largest figure ever (at least since 1991) at 24.48 billion U.S. Dollar (+32.4 %. compared to previous year).

As from December 2021, a positive trend of end-2020 continued during 2021, the second full year of the Covid-19 pandemic. Exports increased by 17.1 % to 271.174 billion U.S. Dollars. Imports increased more by 29.8 % to 267.600 billion U.S. Dollars. Total trade increased to 538.774 billion U.S. Dollars, while the trade balance remained mildly positive at 5.124 billion U.S. Dollars.

The trade balance of Thailand with the world, changed a bit in 2022. For the first time since 2014, the country experienced a trade deficit (-16.22 billion U.S. Dollar). Nevertheless, value of exports for the whole year increased to 287.1 billion U.S. Dollar, while value of imports ballooned to 303.2 billion U.S. Dollars. Towards the end of 2022, exports started to loose momentum, compared to 2021.

For those interested : data for 2015 , 2019 , 2020 , 2021

Below are listed the most important export products by value in U.S Dollar for 2022 :

Overall value of exports was up 5.5 % from the year before up to 287.1 billion U.S. Dollar. As usual the various export categories maintain their importance (and ranking) in this list.

Export winners in 2022, compared to the previous year were : Precious stones, jewelry, gold (+50.28 %), Teleprinters and telephones (+71.5 %), Tapioca products (+ 11.18 %) and Rice (+14.65 %). The precious stones and gold category became the third most important category. Let's remind ourselves that 2022 was not exactly a great year economically, and as a result quite a few people must have sold some gold in the local ubiquitous gold shops. This gold will then be exported out of the country (it would be smarter if it somehow remained in Thailand ?).

Exported Products from Thailand, 2022

Asean countries (Malaysia, Singapore, Indonesia, Vietnam, Philippines, Cambodia, Myanmar, Laos, Brunei) take the largest chunk out of Thai exports. In a second group : China, U.S.A., all of Europe, and Japan, are very important destinations of Thai products.

Interestingly already in 2019, the value of exports to the U.S.A. increased by 11.78 % from 28.04 to 31.34 billion U.S. Dollar. In 2020, exports to the U.S.A. increased again to 34.34 billion U.S. Dollar (despite trade overall being down). In 2021, there was a prominent increase in exports to the U.S.A., up to 41.77 billion U.S. Dollar. Then in 2022, exports to the U.S.A. again increased further by 13.4 % to a value of 47.5 billion U.S. Dollar

Luckily, during the Trump administration the trade balance between Thailand and the U.S.A. escaped notice. Reason for the increase in exports ? Not sure, exports to U.S.A. shifted from China to Thailand ?

So, U.S.A. is now by far the greatest export market for Thai products. Interestingly, exports to China from Thailand decreased by 7.72 % to 34.4 billion U.S. Dollar (while imports from China increased)

The value of exports to all of Europe increased by 11.3 % to 31.246 billion U.S. Dollars..

In 2022, the value of exports to the 'local' market, ASEAN, increased substantially by 10.35 % from 65.01 to 71.89 billion U.S. Dollar.

Interestingly, exports to Switzerland increased from 1.41 to 3.36 billion U.S. Dollar, likely exports mostly of gold to Switzerland.

Countries that received substantially more exports from Thailand in 2022 :
India : 10.52 billion U.S. Dollar (+22.4 %)
Cambodia : 8.67 billion U.S. Dollar (+22.6 %)
United Arab Emirates : 3.42 billion U.S. Dollar (+22.19 %)

Export destinations of Thai products, 2022

In 2019 imports into Thailand reached a value of 236.26 billion U.S. Dollars. In 2020 imports decreased to 206.99 billion U.S. Dollars. In 2021 when the overall economy of the world recovered a bit from the first year of the Covid-19 pandemic, imports into Thailand surged by 29.5 % to 266.882 billion U.S. Dollar. 2022 saw a continuation of the trend of rising imports, reaching a value of 303.191 billion U.S. Dollar (+13.6 %)

Imported goods into Thailand :

As often is the case, the most important import products relate to energy requirements for the Thai economy and consumers. The value of crude oil imports surged to 37.4 billion U.S. Dollar (+59.1 %). The value of natural gas increased by no less than 115.7 % to 12.72 billion U.S. Dollar. The rising cost of energy (though to a lesser degree than in some other countries) relate clearly to sanctions against Russia, leading to an increase in prices on the global market. Thailand has some gas and oil fields but hardly enough to be able to take care of its own needs.

Many categories of imports saw a prominent increase in imported value :

Electronic Integrated Circuits : 20.2 billion U.S. Dollar (+25.7 %)
Jewelry, Gold and Silver : 15.6 billion U.S. Dollar (+29.8 %).
Appliances and Instruments : 4.7 billion U.S. Dollar (+18.6 %)
Fertilizers and Pesticides (see comment above) : 4.02 billion U.S. Dollar (+29.8 %)
Downward : Parts and Accessories of Vehicles : 8.27 billion U.S. Dollar (-27 %). This likely related to a downturn in car production around the world.

Value of imported Goods into Thailand, 2022

For imports, China is the most important trading partner of Thailand. Imports from China increased again in 2022 from a value of 66.55 billion U.S. Dollar in 2021 to 71.01 billion U.S. Dollar (+6.7 %).

During 2022, oil and gas exporting countries from the Middle East (U.A.E. (+89.67 %), Saudi Arabia (+25.80 %), Qatar (+33.44 %) increased the value of their exports to Thailand. If not for the crude oil imports, Thailand would have a substantial positive trade balance with the rest of the world.

The U.S.A. (when compared to its importance as an export market for Thai goods), is of relatively less importance as an exporter to Thailand. However, after a decrease in 2020 and 2021, value of imports from the U.S.A. increased substantially by 25.69 % in 2022 to 18.03 billion U.S. Dollar.

ASEAN is the second most important source of imported goods for Thailand, but less goods are imported from the whole of ASEAN, than from China. Imports in value from ASEAN increased by 15.93 % to 52.999 billion U.S. Dollars in 2022.

Origin of Imports into Thailand, 2022

Trade balance with major trading blocks and partners :

Thailand has substantial trade deficits with both China and Japan. There is also a substantial Thai-Japanese industry, exporting to the world from Thailand.

Thailand has a substantial trade surplus with the ASEAN countries and with the U.S.A.

In 2022, trade with Europe is extremely well balanced, with almost equal value of imports from and exports to.

While the numbers change sometimes a bit, the trade balances as figured below have persisted for many years in a row.

In summary, trade deficits with China and to a lesser degree Japan. Trade surpluses with Asean, U.S.A. and balanced trade with Europe.

Resources : Data are somewhat better presented than before on this new website provided by the Ministry of Commerce